AI firms are accelerating bond issuance

AI companies have already more than doubled last year’s total bond sales.
That is a major signal for the next phase of the AI buildout.
The race is no longer being funded only through equity valuations and venture capital.
Debt markets are now being pulled into the AI infrastructure cycle too.
For investors, the key question is whether this borrowing funds durable cash-flow assets or simply extends the capex race.